US Cash Grains-Soybean basis firmer at crushing sites, rivers

CHICAGO, Oct 9 (Reuters) - Spot basis bids for soybeans were mostly steady to stronger on Thursday at crushing plants and river elevators in the U.S. Midwest, supported by a drop in costs for barge freight and some slowing of farmer offerings, brokers said.

• The soybean basis improved by 15 cents a bushel at Decatur, Illinois, a crushing hub, and by 5 to 10 cents at processors in Lafayette, Indiana, and Cedar Rapids, Iowa.

• Dry conditions may have helped speed the harvest in the eastern half of the Midwest, prompting soy processors to sweeten their bids to buy soybeans before farmers wrap up the harvest and shut their bins for the winter.

• "From Missouri northward to the Great Lakes states, many locations saw drought or abnormal dryness worsen," the latest weekly U.S. Drought Monitor report said on Thursday.

• The soybean basis firmed at river elevators as well, rising at Seneca, Illinois, on the Illinois River, and Davenport, Iowa, on the Mississippi River. Falling costs for barge freight this week helped lift cash grain bids at river locations. BG/US

• However, farther west, the soybean basis fell by a dime at a Lincoln, Nebraska crushing plant.

• Meanwhile, Chicago Board of Trade, November soybean futures SX25 fell farther than deferred soybean futures. The weakening price spread marked a reversal of this week's trend and could signal cooling cash soybean markets, brokers said.

• For corn, cash basis bids were mostly steady with a few mixed changes. The basis fell by 2 cents a bushel at ethanol plants in Indiana and Illinois, but firmed by 2 cents at Seneca, Illinois.

• At mid-session, CBOT November soybean futures SX25 were down 6-1/4 cents at $10.23-1/4 per bushel and December corn CZ25 was down 2-3/4 cents at $4.19-1/4 a bushel. GRA/

Basis values are quoted against CBOT futures in cents/bu:

NOTE: 0 = Option Price, UNC = Unchanged, UNQ = Unquoted, NC = Not Comparable, DP = Delayed Price, N/A = Not Available, F = January, H = March, K = May, N = July, Q = August, U = September, X = November, Z = December

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LINKS: 0#USCSHGRN-AM

For U.S. forward basis spreadsheets, please click on:

CORN/BASIS, SOYA/BASIS, WHEAT/BASIS, MILO/BASIS

- CBOT corn report COR/

- CBOT soybean report SOY/C

- CBOT wheat report WHE/C

- U.S. grain barge freight values BG/US

- U.S. Midwest cash grain AM GRA/M

- U.S. CIF/FOB Gulf Grain GRA/F